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's the ultimate game of chicken. by the way, a new plan that works in taxing bank assets and even grabbing some money from the church. how about that. meanwhile, back here at home once again i'm going to stop this nonsense about a new national internet sales tax. my pal grover norquist will help me declare war on it. this is a big government tax grab that we will debate. >> speaking of taxes, guess who is not paying them? more and more federal workers are tax cheats. why shouldn't tax cheats just be fired? it's that easy on the "kudlow report." and we begin right now. first up tonight, the cyprus crisis continues. riots are forming in the streets. cnn's own chief international correspondent michelle caruso-cabrera is with us tonight. >> cyprus is going to do something that's called "resolving a bank." like all tough things in life, we use euphemisms. tonight the head of the central bank has asked parliament to give him permission to give him new powers of resolution authority. what he will do with that resolution authority is he will take cyprus's most troubled bank, he's going to take the good
is back, and the $13 billion bailout in cypress. they want to pay for it by taxing people's bank accounts. dagen: the president will announce his no , nominee for s secretary. another looks at a man's record over at the justice department. connell: the cyber threats, a new report according to an isp, nigeria as being the worst for spam. dagen: the corporate tax burden in the country. who pays the most? those stories and much more coming up in hour on "markets now." ♪ connell: markets are going back to positive. dagen: who has a greater connection than anyone in the building. connell: good morning, nicole. dagen: good morning, yes, my mother and father were born in cypress, but i want to look here at the averages, a lot stemming from what we heard in cypress, them giving a vote to tax the depositors there, and that, in turn, could really pressure europe overall, that vote takes place tomorrow. the banks closed until thursday. the euro is at a four month low, and people are spooked. i mean, that's really what's occurring here, down 45 points for the dow jones industrials, so that's down
at as nation's governments weighs a new bank account tax. there would be a 3% tax for deposits under $100 thousand euros, and a 10% tax and 15% tax for amounts larger than 500,000 euros, country central bank declaring a holiday until thursday, when they vote on the plan, this is sparking investor fears at home, joining me now lance roberts, host of street talk live, and xena. partner and cfa, welcome all, great to have you here, lance, i'll start with you, i have to assume some wealthy individuals are having questions about safety of their money, have you gotten any calls, are you expecting any? >> i'm not expecting any but i would not be surprised to see people talk more about this in next few days it is very late tonight anyway it looks like they will preserve the under $100 thousand mark and go after larger deposits, but the question, here in u.s., could it happen here? probably not. but the question is, ha hasn't t already happen with standpoint feds suppressing interest rates, that is the rate less than inflation, negative interest rate it has already happened here. gerri: let's go t
taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of
under $100,000 euros taxed 3% while savers over half a million will see the levy kred to 10%. those above the threshold pay 9.9% tax. the total revenue raised is expected to hold just shy of 6 billion euros. the rescue package is slated to begin today around 1500 cet. in the meantime, we're getting comment out of russia. seen as perhaps the targeted party here, i should say, with regard to some of the deposit taxes that are being pushed through on cipriot banks. for example, putin via spokesman has apparently called the levy, if approved, unfair, unprofessional and dangerous. european markets are in the red across the board as we've seen today. the ftse 100 down almost 1% and the xetra dax better than 1%. the ibex 35 is down 2%, roughly the same amount for the ftse mib. we can tell you that spanish and italian bonds have risen both on banks and for some of the periphery, showing pressure, as well. here is a look at some european banks. a mix there. on the left, you can see spain. banco santander down almost 4% some some cases. unicredit down almost 5%. moving to the french banks, cr
from cyprus and concern about deposits being taxed obviously set off worries on wall street abroad and here at home obviously. sandra: opposite end of the spectrum, jcpenney, the retailers, jcpenney a huge rally today, nicole? >> a couple of reasons. isi group talking about the fact that they might turn into a reit-like entity. oppenheimer talking postively about jcpenney. david: apple, apple, even though the market came down i think apple stayed up about 12 bucks. why are they doing so well on the eve the samsung announcement? >> that is pretty amazing. once the news was out about samsung it took away some uncertainty. apple bucked the trend. sandra: best buy seeing a nice top. that was an up stock on a down day. >> best buy, the last quarter was a great one. they got positive analyst comments as well. jpmorgan initiated coverage with overweight rating. [closing bell rings] david: the bells are ringing. we're not at absolutely postively lowest point of the markets but very close to it as we see a down market. dow jones industrials down 61 points on the beginning of this trading we
frantically looking to rejigger the tax. i stress, not eliminating the tax. maybe focus on the rich. take 20% of their dough. hard to say. this much is not. it is going to happen. because the government needs the dough. if they still want to get european union dough. it gets weird and complicated. desperate to stay in the euro club. does this ring a bell? it should. no one is taxing the bank holdings, thanks to obamacare, they are going after the other assets. 3.7% on investment sales larger than 100,000 grand. the next time you try to sell your house, trust me. you will hit the roof. think about that. tax not on your income, earned or unearned but your assets. what you have, what you own. your tangible assets. home here, bank account there. is there difference? no. no difference between american government taxing you for medical devices and what it deems as a medical insurance plan. taxing you not on what you make but what you have. the stuff you attain through life of work no, matter when you work or how much you made when you work. stuff you got now. to government, it sees that y
on this rich guys did not dodge the tax. now a government has broken precedence, by going after what is in their bank account, how long do you think it will be before governments start sniffing around your bank account. frankly, i believe it's not long. think this country, when first federal income tax was just to blender efforts of world war i but it stuck around. or europe. expanded. what started out as a 4% tax for millionaires is now north of 20%, and en snaring, well, everyone. that is what concerns me about this cyprus tax. what the poor saps will discover when the banks reopen in cyprus, run. can't take their money and the government is watching and limiting, and i am kind of worrying. what is going on in this island nation, is a tsunami. bank on it. literally. to rich edison, in cyprus to this nervous night before, hey, rich. >> good evening neil, you have to imagine, folks without access to their banks account will have some tomorrow 8:30 in the morning. for more than a week these folks had closed banks today there was a bit of a lull, in fact that banks were closed not beca
to the bottom of that? are we about to see a national internet tax, a tax on everything you buy online? it is on the hill today, and you need to see this report before your next click. and no more carrots. remember those thing. american tourist. you couldn't fit that in a carry-on if you tried. a major carrier experimenting with no more carry-s on. leave the luggage behind. you goat sit down first. it's a big change in the way america waits in line and flies away. sue is off today. simon is at the new york stock exchange. simon? >> and tyler, i'm slightly concerned for your european whack a mole you seem to have a very brutal hammer. let's move on and check where we are with the markets. after so many golden weeks of gains, it's been a little bit rough, but about 90 minutes ago we went positive. the dow went positive for the week. we were up over 90 points just shy of that, as you can see. let's have a look at where we are on the s&p right now. 1555 as we head into the weekend. we'll check on golds and brented a we work our way through the program. let's see what the mood of bob pisani
of dollars of emergency crash and creditors impose onetime tax of 3% on all bank deposits under $130,000. >> going deep here. >> the tax could be closer to 10% on people who have over $640,000 in the bank. that's according to the "the wall street journal" this morning. people stood in long lines over the weekend to withdraw money before the policy went into effect and now russian president vladimir putin is calling the move, quote, unfair, unprofessional and dangerous. russian citizens make up the majority of billions of euros held in cypress bank. this is important. >> cypress. >> who cares about cyprus? >> come on, cyprus. are you telling me if somebody sneezes in cyprus we get a cold than on the nasdaq? >> tell us why. >> we have a cold on the nasdaq. the nasdaq is going down today. not too many people care about cyprus but a way the europeans have screwed up the bailout by getting the people to pay a part of the cost. you could have a run on the bank and europeans say why do i have my money in this bank? might be a tax on me next. it shows that europe is still a mess, that they h
a bank deposit tax. sterling is trading lower as they get ready to set out this year's budget expecting to redirect spending to revive growth and deutsche bank lowers its earnings due to mortgage related lawsuits and/ regulator investigations. >>> plenty still happening as we follow the cyprus story for you and explore just what it means for investors across europe and around the world because the market reaction has been relatively muted if you consider the extraordinary nature of these events. cyprus' president is meeting with party leaders this morning after lawmakers last night unanimously rejected a proposed tax on bank deposits. this was crucial to unlocking a $10 billion bailout. the house speaker said the decision had been made for all europeans. >> this decision of the house of the republic of cyprus is protecting all the people of the countries of the european union and this is the main message i want to send tonight to all european citizens. >> now meanwhile cyprus' finance minister is appealing to moscow for help fresh from his talks with his counterpart this morning. discus
to the streets to protest and a tax of up to 10% on their life savings. on sunday, fresh protests erupted. on cyprus withre the economist richard wolff after the headlines. and your report says the cia has been supporting a vast expansion in the flow of weapons to syrian rebels fighting president bashar al-assad. the new york times reports the airlift of arms and equipment to the rebels, largely overseen by turkey, has massively increased since early 2012 to include more than 160 flights in jordanian, saudi and qatari planes. u.s. intelligence officers have helped shop for weapons and have vetted rebel groups to decide who gets the arms. the cia's covert backing comes despite the obama administration's public support for solely non-lethal aid to the rebels. meanwhile, the cia has further increased its role in syria by feeding intelligence to rebel fighters for use against the syrian government. the wall street journal reports the move comes as part of the u.s. effort to tamp down on islamist militants in syria by aiding secular forces. secretary of state john kerry has urged iraq to take
bob corker of tennessee says he could envision raising tax revenue if democrats embrace big changes to medicare and social security. corker's position on sunday puts him at odds with other members of his party including house speaker john boehner who's ruling out the prospect of any new taxes. >> i think there by the way is a chance on a deal. i know the president is saying the right things and we have an opportunity over the next four to five months. i think republicans, if they saw true entitlement reform, would be glad to look at tax reform that generates additional revenues and that doesn't mean increasing rates, that means closing loopholes. it also means arranging our tax system so that we have economic growth. >> i don't know whether we can come to a big agreement. if we do, it will be between the two parties on capitol hill. the president got his tax hikes on january the 1st. the talk about raising revenue is over. it's time to deal with the spending problem. >> the speaker went on to say he agrees with president obama that the country does not face an immediate debt crisis.
now, speaking of cyprus, the idea of confiscating people's income after already been taxed sent a chill far beyond cypress. could that happen here? that is question we ask steve forbes, fox chairman and editor-in-chief. he has thoughts on that you don't want to miss coming up on the "countdown to the closing bell" -- "after the bell" [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on hisortfolio. and with some planning and effort, hopefully bob can retire at a more appropriate age. it's not rocket science. it's just common sense. from td ameritrade. it's just common sense. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. ♪
. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point that the vote will actually go through. that is, of cour
with all this speculation, you know, that this is a tax haven and that this is money that people have questions about, that the way europe is approaching sigh pruls is not the way you'd awe approach these other countries and if you approach the other countries this way you create a real problem and they know that. >> that brings what happens to the parliament and what impact does that have. >> the cyprian parliament decide the to vote down the bill to confiscate the money from depositors. we don't have a bill or any certainty what's going to happen. most likely recommit to the cyprian parliament and then see what's going to happen to the banks. remember the banks have been closed until thursday morning. today walt the governor of the central bank of cyprus presumely he will know saying it could be a run of ten percent of deposits on the cyprian banks. and that's cause for concern. i think the banks in cyprus make two fundamental mistakes. banking 101 is supposed to boil out. don't lose money you don't have and they did and don't ever mess with deposits because that really does effect
because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eurozone. the debate and the vote on that bailout deal will be kicking off in around four hours from now at 4:00 p.m. local time. thou, a lot of uncertainty as to what the outcome of the vote will be, given that nobody has a clear majority. having said that, there is, of course, the chance that some of the lawmakers who have been wavering could have been appeased by the talk that some of the taxes for the smallest depositors could be lowered. now, "the wall street journal" has reported that those deposits between zero is and 100,000 euros could be taxed at only 3% as opposed to 6.75% previously. now, the middle bracket would be 100,000 to 500,000 euros. that could be taxed at 10% and then anything in excess of half a millio
is not just a tax haven for russia, it is the tax haven for russian millionaires and billionaires. russia has invested $119 billion, that's with a "brks" in cyprus in 2011 alone. that's by far the largest recipient of russian investments in the world. equal amount of investment came back to russia from cyprus. funny how that works. russian investment is five times the total economic output for cyprus. russians account for $20 billion of total bank deposits or, tyler, as you mentioned, more than a third among the top russians in cyprus is the fert cider magnet now the biggest shareholder in the bank of cyprus. he has a lot of money in u.s. real estate as well. he brought donald trump's mansion and his daughter bout an apartment in sandy well. and alexander bought avraz steel. the mystery to me is why these wealthy russians kept so much money in cyprus when they knew the banks were in trouble. one reason is that there are fewer choices. if you look around the world, governments arie cracking down n tax evasion and money laundering. they're all complying with global capitalist. even with this 10
. the breakdown below $100,000 euros will be taxed at 6.57%. above that, taxed at 9-point #%. above 500,000 euros, taxed at 15%. the wholesale robbery has caused the citizen to rush to get the money out. the response, the banks close. how can a government assume it can get away with this? because they assume they can get away with it. they can own guns but it's a bear to get them. the government wonders of the populist, what are they going to do? shoot us? in america, yes, we will shoot you. gun control advocates have fun order to believe they protect us from the government tyranny. what if the government here tried to take over your bank account? war. it would be on. cyprus proved that joe biden's notion all you need is a shotgun is deeply flawed. sadly, though, the steal from the rich mentality is alive and well in america. remember occupy wall street? how different is the solution from the ret take demands your wealth is spread around? the defense against the toxic ideology isn't only reason but almost with a rifle. so it will never happen here. you have the good sense of the founding fathers
as senators dealt with amendments all over the place ranging from the keystone pipeline to eliminating tax breaks for fish tackle box manufacturers. no joke. it's true. passed a budget by a margin of one vote. >> now, the average budget resolution considered 78 amendments, we've done 101. average 35 amendments, we've done 70. twice as many. doing this has been a herculean feat. >> i know everyone is exhausted, and you may not feel it at the moment, but this is one of the senate's finest days in recent years and i commend everyone who's participated in this extraordinary debate. >> can't figure out if mr. in cane is awake. not a single republican supported the plan and four democrats each up for re-election next year also voted against their party's budget. the plan cuts $1.85 trillion over 10 years through a mixture of tax increases and spending cuts and will not balance the budget. the house republican budget which was already defeated in the senate would have slashed $4.6 trillion in spending over the same period without raising taxes. now senator patty murray, the architect of the senat
in the banking sector and with higher taxes, the cypriot economy could shrink by 10%. with years of hardship. and that is the big unknown. will the rescue end uncertainty or will cyprus end up like some of the other bailed out countries, with a lost generation, facing recession and job losses? >> pretty grim prospects in cyprus. and in a speech to the cypriot people tonight, the president called the deal painful but he said it was the best he could get. for more on the reaction there, i spoke to the bb's tim wilcox. we have now some clarity on the deal that cyprus has struck with europe. does it look like the island's actually going to be worse off because of this? >> it's instinct because i've just been talking to one of the m.p.'s who voted against the proposals last week, which was going to have a 10% levy or hair cut on deposits over 100,000 euros and 6.7% for those under, and she admitted today for the first time, because she hasn't on previous occasions, that probably people would be worse off and that is because of the fundamental damage that this -- the bailout deal is going to do to
, the senate votes to repeal an obamacare tax. there's a headline for you. good morning, everyone. it's the medical device tax and the vote to strike it down 79-20, overwhelming abipartisan, the it helps to fund obamacare, upwards of 40 million people will face huge health insurance cost increases next year. could it be that obamacare is unravelling? don't forget cyprus, civil society is unravelling there. they're running short of gas and basic supplies and they've got 72 hours to come up with big money or else. don't worry, stocks will be up again just a few minutes from now. "varney & company" about to begin. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. all on thinkorswim. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. sta
and, of course, old ideas are being revived, the idea of a depositit tax is coming back to the table. but we know, of course, just how unpopular that was. kelly. >> exactly. we seem to be almost back to where we started. carolin, thank you so much for that. carolin and steven both following these developments for us. >>> let's check on market reaction in asia. there's plenty going on in the world aside from cyprus. li sixuan joins us with the latest. eye, sixuan. >> thank you, kelly. markets in asia ending on a mixed note. there are lingering concerns over cyprus and north korean threats. political uncertainty in australia add add pressure on the markets. the asx 200 closed down 0.2% amid julia gillard's leadership. the main data point today was hsbc china flash pmi data for march, showing a rebound in the country's manufacturing activity. with concern, financial sector risks, housing bubbles and inflation, beijing may need to compromise growth to control medium term risks. the shanghai composite eked out a modest gain of 0.3%. in hong kong, the hang seng ended marginally lower ahead
with the plan to tax the bank accounts over there in cyprus. they are going to take a big hit. what might the russians do in response? you might not want to know. >> now, it was one of the hottest real estate markets in the united states and then one of the coldest. once again, it is hot. there is no room at the end or the condo. sue, doesn't miami sound pretty good right about now? >> it sounds so good right now. it's raining again in new york city. you mentioned at the top of the show, cyprus moving the markets up and down. new headlines from cyprus forced a selloff on wall street. we have recovered some of the those losses. we are still down 39 points, though. parliament is meeting now. bertha coombs is monitoring that from the breaking news desk. hi, bertha. >> they have been in session for about an hour now. they are expected to go at least another hour. here are the headlines as we've had them this morning. they are debating this bailout proposal and to a man so far, they are all saying no. the governing party, apparently, has prepared a one-day postpone meant on the vote because at
a silicon valley insider and former yahoo coo daniel rosenzweig on the push for the sales tax. what impact will that have on retailers? you'll want to hear his answer this morning and first, why dollar general can make some sense for your portfolio and take one more look at futures this morning. looking at a pretty decent open for a short workweek this day as we have good friday off here. live from squawk on the street from post 9 when we return. your big picture. but e with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> shares of dollar general rising in pre-market tradex clueding items that yrms 97 cents a share, beating wall street forecasts and revenues essentially in line with the company benefiting from increased food sales and jimmy,
. there was such a huge backlash over a proposed tax on bank deposits. >> yeah. >> very outspoken about that. >> absolutely. including people around europe worried too. you see there some worried people lining up outside atms because the banks are still closed, our nick paton walsh is in the capital. >> the reason people are in such large numbers is because this atm is working. some getting 500 euros, some less, not sure what the rules are to many of them but it's a symptom of a panic slowly setting in. we have a banking system here that's really beginning to collapse. people in shops saying they'd rather take cash because the people supplying them goods for sale insist on receiving cash concern for the government's pay system won't function in the 48 hours ahead. but above all people just trying to make sure they have enough money to get through the days ahead. >> so much uncertainty. so much distrust. richard quest is joining us now from london on this. so what happens monday if they don't come up with a so-called plan b? >> right. if there is no credible, workable plan, or a bailout plan,
will have to come along with tax increases. this deal still hurts. >> i do not think there is any denying that the cyprus people will have to go through tough times and will suffer the consequences. we had to adjust over relatively a short period of time. rich: now the question is what does this mean for the rest of the euro zone? this, the bailout should be a template for the rest of europe and banks should be reduced. back to you. connell: rich edson lives in cyprus. trading halted in some of those italian banking stocks also added the comments in terms of a template. time to bring in axel merck. your thoughts? >> good morning. when someone screams fire, you do not want to shut the accident. halting stocks, i do not think, is helpful at all. i think it is rather responsible. the question is what will happen. obviously, investors are taking action. connell: you just look at the big board here in the united states and the green at the beginning of the day has now turned red. european markets losing some steam. you talk about the italian banks and how it would not be a good idea to halt th
meltdown. the parliament rejected an unprecedented tax on bank deposits. that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignant they weren't brought into talks. let's hear what he had to say earlier on about the state of the current talks. >> first meeting very constructive. very honest discussion. we underscored how difficult the situation is and we'll now continue our discussions to find a solution by which we hope we will get some support from russia. >> in terms of that support, are we talking about a change of terms for the current existing 2.5 billion euro loan and an extension of 5 billion loan in addition to that? >
as it could have been. there was talk at the beginning of the whole crazy mess last week that they would tax mom and pop depositors with less than 100,000 in the barng. they did nothing wrong. they did not get the banks in that mess. a lot of outrage about that. protests in the street, et cetera, et cetera. we're now trying to grab those funds above 100,000 euros and the rub here is that there's at love russian offshore money in cyprus. that's what the authorities are trying to grab. >> parking money. >> i'm getting very nervous. >> to pick up on what you're saying about what you call the tax in that first proposal, a lot of the critics said it is not a tax. that goes to the core of this. the entire financial system is based on trust. the average consumer isn't worried as much about bond yields. the trust when they put money into the bank, they can take it back out. how much did the floating of that proposal cut against that trust? i think hugely. i wrote a column about this this week. i think if you're an italian or a spaniard or in another potentially beleaguered european country, you're w
and the latest deposit tax scheme. happy anniversary, apple dividend and it was a year ago when the tech giant announced its dividend in 17 years. will apple succumb to the bigger payout as it faces stiffer competition from samsung. lululemon doing the downward facing dog with the transparency with the iconic black yoga pants prompting the retailer to cut sales guidance and boeing clinches an order from ryanair. of course, we begin with the markets. the dow and the s&p 500 hoping to avoid their first three-day losing streak of the year. wall street will be paying close attention in about three hours from now. that country's parliament scheduled to vote on a proposed tax on bank deposits and the controversial measure appears set to go down in defeat. here in the u.s., policymakers begin a two-day meeting in which they're expected to hold current policy. this is one of the meetings where we will get a press conference and people will be hanging on every word and every use of every adjective coming out of the fed chairman's mouth. are you expecting anything? >> i think that, frankly, we are looki
. that includes a controversial tax on bank accounts to fund the bailout. >> people in cyprus brave the storm to protest outside parliament ahead of a crucial few hours for the country. inside, lawmakers are voting on a series of measures designed to help the financially stricken nation meet the terms of an international bailout package. few of the plan's details are known, even to eurozone officials in brussels, but an unpopular one of tax on savings could be back on the table, particularly on bank accounts with deposits of at least 100,000 euros. the plan needs to be in place by monday when the european central bank says it will withdraw financial aid for separate -- separate -- cypriot banks. >> a lot of people will definitely lose their jobs and benefits. >> cyprus needs to raise 5.8 billion in order to qualify for the bailout. its eurozone partners in the imf would then provide 10 billion euros in rescue loans. the fund raising measures under discussion include plans to restructure the country's second biggest lender and tapping state pension assets. >> all right, our correspondent is k
going to go back to the original plan of taxing deposits. i am toll that's not going to be submitted to the troika. that may be the pipe dream of some in parliament. ladies and gentlemen, back to you. >> thanks, michelle. i was looking at the european bourses and i mean, if they can't sell off on this, and it's on -- you know, it's 0.2% of their economy and, you know, we're worried about whether there's any ripple all the way over to us. >> it may want be an instant market reaction, though. it may be something that's more of a concern about whether there would be other countries that step out of the eu. >> don't you think the markets could anticipate whether there would be further trouble or not? >> i don't know. i think this is -- >> we would be seeing it if it was really -- if they he can't sell off in europe, we shouldn't be looking at it at all for our markets here. >> no. michelle, what's that? >> i know you're over there, but you don't care. >> the one ripple effect i can think of is -- the one ripple effect i can think of is that if when they wind down this bank, there's some
to affects our banking system. they had that choice. either that country defaults or they tax the banks and it is the russian money that is in there. >> let's say you have money in the caymen islands. >> oh, i do, greg. >> you probably do. and then all of a sudden the caymen islands decides they will take your money. isn't that an act of war? >> are you a dope for doing it. qaddafi did that. all of those people had the money. the libyan banks and qaddafi and your choice is to poke them in the chest and say give it back and he said no. that's the risk you take. you save on taxes and you put it in other countries, the risk is they will take your money. >> something out of this story that can anger people. given what happened in greece and cypress couldn't this happen to us in america? >> this could not happen to us in america. the idea it is russian money isn't true. it is a higher rate for those over100,000 euros. they are putting like 50,000 euros in cypress. the whole thing is enraging especially because the first story of i -- the first story i read,. >> i mean, my argument is it can
of taxes. not so many people have a car. copenhagen is like new york, i guess, people do not need cars as much. many people want to commute into the center from the suburbs. that is what we want to prevent. that is why we have such high costs, high taxes on parking your car. the closer that you get to the center, the more expensive. but there is a limit how much we can turn away. that is why we also want to have some systems. i think if we're going to read 50% share of cycling for commuting, it is not enough to offer a good infrastructure. you also need possibly a toll road where people pay for driving and the city. -- for driving into the city. >> i can tell you what it costs in amsterdam. amsterdam is the most expensive place to park your car. it is now 5 euros, nearly $7 per hour, 24 hours per day. also, the question from andy, about 12 years ago, we had a referendum, what to do with the cars in the city. the majority voted for less cars in the city. the last 10 years, the amount of cars went down. it is down 20%, and that was done by making the profiles of the roads a little bit sm
the parliament rejected a bailout that would have taxed its own citizens' bank accounts. the banks are closed the rest of the week. >>> where are we with this situation? >> in a standstill when it comes to cyprus. the parliament is betting the european union and central bank will not cut them off for -- not going through with the plan to tax deposits. they have almost a week to negotiate. next tuesday is when the banks open up. in the back channels with russia on financial support, so it seems they're hoping they can find a stopgap. >> shepard: what i didn't understand was the real problem with this situation in spy russ is the russians, who have been laundering money, have stashed so much money in the banks, the banks are bigger than the economy in the country. so they could have taxed it at 13%. they have, like our federal deposit insurance company, they have guarantees up to 100,000 euros. why not tax problem kids and not every day folks. >> it could come to that. the vote that failed was above 20,000 euros. >> then you violate -- >> it gets the percentage a little bit high if you only res
and there might still be a tax on savings. it was rejected once but might be applied to big deposits. every move is controversial. these bank statue were blocking the roads today. they fear restructuring the banks will lead to layoffs. >> they fear they won't have a job. what do you think will happen? >> whatever is decided here will still have to win the approval of the eurozone and the i.m.f. in order for cyprus to receive a bailout. >> and the reports coming in tonight do suggest that as part of the new plan being debited by the cypriot pafrlment, it has agreed to create that pool for sate assets and giving the government more control on banks. i spoke with mark lowe. >> this looks from the outside a real mess. is it? >> a huge mess and few would have expected that the third smallest economy in the eurozone could have the messiest bailout of awful. a lot of eyes across europe will be on sip russ as m.p.'s are looking to rode vote on the much-talked about plan b. the vital rescue funds will be turned off monday. if that happens, cyprus could be forced to drop out of the europeo. a lot of unpre
taxes on the wealthy, put through a payroll tax increase, entitlements. we've got two out of three going. we had the president and congress raising taxes on the wealthy. i don't think bernanke wants to be the fed of 1937 because the recession came back aggressively and it was only world war ii that made the hiring come back. he doesn't want to be the guy -- he'd rather be second-guessed by all the bears who come on and say he's got to tighten because my short positions aren't making any money. he's not responding to the people who are short. he's actually responding to the american people. old-fashioned kind of guy. >> in terms of the reaction in the markets after the ben bernanke news conference, was that surprising at all that, for whatever reason, for whatever he said, the markets managed to rise and actually reached the highs of the day afterwards? >> i think there were a lot of people who expected that he would put in some language that just says, we're not going to keep rates low indefinitely because we see real estate, affordability is fantastic. you pick up the front page of the
on a positive note when something like bank deposits will be taxed as a way to raise money. they don't understand why investors here like you and me aren't more worried that the authorities there are willing to risk bank runs in spain or italy because of this hair-brain scheme. at this stage they would gladly pay for rioters in the streets of cyprus if we can get the media to accentuate today and link cyprus to the rest of europe and the united states, even if the european authority recognize that is the issue is that banks are safe havens for russian laundered money! the short sellers, they would at least pay cash for the numbers to line up. once they get some runs going leads me to the simple conclusion that intellectually short-sellers will do the best to say whatever resolution is arrived at or not arrived at, we have got the dreaded are you ready scheme daddy lehman brothers on our hands! wow. yes, they are envoking lehman. that's what they're doing. why lehman brothers? because you know what? lehman is code for thermal nuclear financial war. it was the line drawn in the sand be
people and middle class people that use cyprus because of the rule of law, common law, the double tax treaties we have. it's a mistake to think that it is a very special class, of very rich people. these russians have their lawyers, their accountants, many of them have their families living in cyprus. they have their friends. we have a relationship that can with stand a shock like this. >> bearing that in mind, are the banks going to open on tuesday morning? >> i cannot say that. i cannot say that. it's always a mistake to say something like this when you are not completely sure. there is a lot of work to be done. but they will open very soon. >> and how long do you intend to use the capital controls? >> that also i cannot answer. but, again, our objective to keep them as limited and as short as possible. >> and finally, you bypassed the democratic process of a parliamentary vote with this field. will you consider tendering your resignation when you get back to cyprus? >> no, no, we did not bypass the poll. we passed a number of laws two nights ago. we have kept party leaders ip forms
price. tracy: have you felt the impact of the rising payroll tax? some people say, no, i am not one of them. we have a surprising result of a new survey ahead. former nfl grbac and winery owner group bledsoe is here and is lobbying efforts to allow direct wine sales. ashley: let's take a look at battles as we had to the break. the dollar increasing in value. gold moving lower as a result. we will be right back. ♪ it's monday. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every daof the week. gives you 1% cash back on all purchases, plus a 50% annual bonus. and everyone but her... no. no! no. ...likes 50% more cash. but i don't give up easy... do you want 50% more cash? yes! yes?! ♪ [ male announcer ] the capital one cash rewards card gives you 1% cash back on every purchase, plus a 50% annual bo
,000 in the bank entirely to those under 100,000 and to keep the tax at 9.9% for those above 100,000 euros in their accounts. if it doesn't sound much different from the original plan, it's not. it basically exempts those with less than 20,000. on the back of that, we did see markets weak. elsewhere, there has been a weakening, but realively contained one. the ftse mib in italy is down 0.3%. the xetra dax is down by 0.5%. france is weaker. the ftse, as well, down about 0.25%. not too far off the levels we've seen this morning. german economic sentiment did come in roughly in line with expectations, so that helps to keep the bid in the euro, as well. here is the different between spain and italy. italy's ten-year selling off a bit. yield up to 4.66%. spain rallying. it did go to market with three nine-month yields this morning. still below 5%. i mentioned what was happening with the euro. let's take a look now as it continues to go through the different pieces of economic data we're getting this morning. it's still down about 0.11%. yesterday, it was actually stronger. so markets generally
from the social security tax increase and the cross the board spending cuts that went into effect on march 1st? and is it possible that the fed might see a need to provide more support to the economy, if that -- because of that drag, the drag on fiscal. >> well, our analysis is fairly comparable to analysis that congressional budget office as presented to the congress. and they estimate that putting together all the fiscal measures, including the fiscal cliff deal, the sequester, and other cuts, that federal fiscal restraint in 2013 is cutting something like 1.5 percentage points off of growth. which, of course, is very significant. so that is an issue for us. we -- you know, we take as given what the fiscal authorities are doing. the economy is weaker, job creation is slower than it would be otherwise. and so that is one of the reasons that our policy has been as aggressive as it is. that being said, as i've said many times, monetary policy cannot offset a fiscal restraint of that magnitude. and so the final outcome will be worse, or in terms of jobs, than would have been the cas
need -- we've gotten less tax revenue because of the recession. and so, remember, the europeans have already bailed out greece, portugal, ireland. so when cyprus went to them, we'll lend you $10 billion. you guys have to come up with $7 billion. and the way the cyprus economy is structured, it's almost all banks. huge banks relative to the size of the economy. and so the solution they came up with was taxing deposits in banks. that has turned out to be incredibly controversial. last night the parliament here voted it down even though there had been intense negotiations for weeks about it. now today, it's about plan "b" and it's not clear whether there will be a plan "b." the banks are closed, only get money out of atms, the financial system here on the verge of collapse. and if things don't get resolved quickly, this could be the first country that leaves the euro, chris. >> obviously, investors around the world are watching this really closely. what about here in the u.s.? what kind of repercussions might we feel here? >> well, the biggest repercussion that we saw is when they decid
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